GM Invests $500M in Ride-Sharing Lyft

General Motors and Lyft have announced a long-term alliance to create an integrated network of on-demand autonomous vehicles in the U.S.

GM will invest $500 million in Lyft to help the company continue the growth of its ridesharing service, according to GM.

In addition, GM will hold a seat on Lyft’s board of directors.

“We see the future of personal mobility as connected, seamless and autonomous,” said Dan Ammann, GM president. “With GM and Lyft working together, we believe we can successfully implement this vision more rapidly.”

“Working with GM, Lyft will continue to unlock new transportation experiences that bring positive change to our daily lives,” said John Zimmer, Lyft’s president and co-founder. “Together we will build a better future by redefining traditional car ownership.”

According to GM, key elements of the alliance include:

Autonomous on-demand network: The joint development of a network of on-demand autonomous vehicles will leverage GM’s knowledge of autonomous technology and Lyft’s capabilities in providing a broad choice of ride-sharing services.

Rental hub: Beginning immediately, GM will become a preferred provider of short-term use vehicles to Lyft drivers through rental hubs in various U.S. cities.

Connectivity: Lyft drivers and customers will have access to GM’s portfolio of cars and OnStar services.

Joint mobility offerings: GM and Lyft will also provide each other’s customers with personalized mobility services and experiences through their respective channels.

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